Abbott gets partial sales reprieve

CBS.MarketWatch.com

CHICAGO (AP) -- Abbott Laboratories says it has received a partial reprieve from the government allowing the company to sell certain diagnostic equipment through Jan. 10.

Under a consent decree signed in early November, Abbott agreed to pay a $100 million fine and stop selling more than 100 of its products until it corrects repeated violations of federal quality manufacturing rules. The ban originally was to take effect within 30 days, or in early December, to allow buyers to line up alternative sources.

The change allows Abbott to continue selling through Jan. 10 only diagnostic tests or devices that the FDA deems medically necessary - about 175 products. Those include tests that detect the AIDS virus and hepatitis in donated blood.

Other elements of the consent decree remain unchanged.

In an unrelated development, Abbott announced it has acquired five drugs in Glaxo Wellcome Inc.'s anesthesia business. The drugs -- four muscle relaxants and a short-term pain killer -- had annual sales of more than $50 million last year.

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